Internationalisation of the renminbi and offshore renminbi business

Internationalisation of the renminbi (or yuan, Chinese currency) is a clear policy and the irreversible direction of the Chinese government. The mid-term policy strategy is to make inflow and outflow of renminbi easier, and to boost the use of renminbi in international trade and finance so as to reduce reliance on the US dollar. This article focuses on offshore renminbi businesses in Hong Kong and elsewhere.